10 Ways to Create the Perfect Side Hustle

Google “how to start a side hustle,” and the top results will look like this:

Combined together, these blog posts contain HUNDREDS of ideas for side hustles you can start. Here are a few examples:

Airbnb

Alterations

Affiliate marketing

App development

Baking

You do need an idea in order to create a side hustle, but the challenge is that ideas are just the beginning of your side hustle journey.

Gary Vaynerchuk (author, owner of VaynerMedia, host of the #AskGaryVee show) puts it like this:

“Ideas are $@#$. Execution is the game.”

So go find some ideas, write them down, and then if you’re willing to crazy enough to set a goal of how much you want to earn through your side hustle (how about starting with a goal of $1,000/mo?)…

Then keep reading.

2. Break down your side hustle goals into an achievable process

When you acknowledge that you have an idea and that you do want to build a side hustle that might eventually grow into a thriving business, the first trap to avoid is trying to do everything at once:

“I need to do these 100 things and then I’ll be done.”

That’s a recipe for burnout, and burnout means no side hustle. So let’s skip that!

The first part of the solution is something that Rob Walling named the “Stairstep Approach:”http://amzn.to/2uMunQZ

You can use the Stairstep Approach to break your long-term goals into three different phases/steps.

So let’s say your long-term goal is recurring revenue..

Using the Stairstep Approach, instead of wondering how in the world you’re going to create a recurring revenue stream, you start with working on getting your first one-time sale.

Then step 2 is turning that one-time sale into repeat sales, and only in step 3 do you work on building a recurring revenue models that you start with getting a one-time sale, turn that into repeat sales, and then work on making that recurring revenue.

This concept of breaking down your long-term goals into shorter, more achievable goals is key to a successful side hustle.

Noah Kagan described a similar process for how he sets and achieves goals:

Identify your 12-month goals

Break those down into monthly goals

Break those down into weekly goals

Add daily actions to your calendar to get stuff done

Adding those actions to your calendar (instead of to a separate todo list – or todo list app) gives you a higher probability of taking action instead of just staring at your todo list!

Spend a few hours diving deeper into these ideas, because strengthening your mind set and how/why you take action is going to make just as much of a difference as what specific things you do.

If your product costs $50 or less, you can usually turn 3% to 7% of your subscribers into customers; if your product costs $50 to $200, you can usually turn 1% to 3% of your subscribers into customers; if your product costs $200 to $1,000, you can usually turn 0.5% to 2% of your subscribers into customers.

But here is where it gets crazy…

If I want to double my revenue, all I need to do is double my list size.

Make sense?

The reason this works is one thing: Distribution.

There are literally thousands of blog posts, videos, and courses that all focus on how to grow your email list… but if you’re just starting out focus on these three big ideas:

Create an authentic + creative take on what’s out there

Focus on helping your audience before asking them to purchase your product

Document your process instead of telling people what you think they should hear

Don’t worry about creating a marketing strategy that a Fortune 500 company would use.

For example, you probably will have a “lead gen” (freebie) that you give away to get people to join your email list. Might be a free download, video, or email course.

That’s what everyone does.

“Do things that don’t scale” means going a step beyond – like personally emailing each person who signs up for your list.

Or even better, also ask for their company name & website when they sign up and then personalize your email follow-up with details on how your product/service can help their specific business.

10. Scale

If you’ve already validated your idea, launched your product, started building your email list, and made a few sales, it’s a good opportunity to evaluate everything you’ve done so far.

One of the questions I like to ask at this phase is “What is the 20% of work that you’ve done that has resulted in 80% of your results?”

Because just because you spend four hours blogging and then four hours answering email, it doesn’t mean both activities produce equal results.

Identify how you’re spending your time, find out what things in your business are actually creating results, and cut out as much of the rest as possible.

Another one of the biggest challenges for entrepreneurs is that they often don’t have anyone to bounce ideas off of or ask for feedback…

That’s why we created Big Plans.

About Have BIGplans, LLC

HaveBIGplans virtually, conveniently and affordably connects entrepreneurs with certified business coaches. As the first-ever text business coaching platform, Have BIGplans has revolutionized the business coaching industry by providing unparalleled dialog between certified business coaches and small business owners in the digital age. Founded with the mission to promote economic growth by helping small business owners, especially women, to build a business that fuels their soul and their bank account, Have BIGplans works with businesses large and small, new and established, in many different industries. For more information, please visitwww.havebigplans.com.

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4 comments:

Hi David. I read your blog daily. I appreciate it. Today, for the first time I clicked on prayer. It got kicked back to me that the email address was invalid or had been changed. Is there another way to contact you?

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Hammie said he understands you passing on his skin care products. I am letting the beard grow back. Hammie is glad to be back. I will try to have a new episode of the Hammie Show every Monday. No promises. Have a great day.

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